06-09-2017

Istanbul bunker fuel premium over Piraeus hits one-month high

bunker

The premium of bunker fuel in Istanbul, Turkey, over its equivalent in Piraeus, Greece, has hit the highest in a month on stronger-than-expected demand in the Turkish port.

S&P Global assessed 380 CST fuel oil at Istanbul at $330/mt delivered Monday, $10/mt higher than Piraeus and the highest since $11/mt on August 3. Buying in Istanbul beat expectations, sources said. “Demand is good for a holiday,” a supplier said.

Monday was the fourth day of the Kurban Bayrami festival.

The premium of bunker fuel at Istanbul over regional benchmark high sulfur CIF Med cargoes was $12.50/mt Friday, the lowest since October 10, 2016. By Monday it had jumped to $23.75/mt.

Demand at Piraeus was heard moderate Monday. “It’s a normal day, not busy or quiet,” a supplier said.

Source: Platts  

 

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